Designing a Winning Business Formula

Building a successful business takes passion, dedication, and the right business formula.

As a result, more and more young entrepreneurs are taking the time to come up with the right way to operate their new businesses.

Here are just a few examples of how young entrepreneurs are using winning business formulas to find success:

Successful Young Entrepreneurs

From tech geniuses to merchandising masterminds, there are a growing number of young entrepreneurs who are already on the road to success.

Equipped with the right business formula, the following entrepreneurs are building successful brands all before the age of 30….

• Lucas Duplan - At age 22, Duplan is already building one of the most successful mobile money apps on the market. With $25 million in funding, the Clinkle app is looking to change the way people make everyday payments using their mobile devices. Duplan's secret formula to success: building an app that is fundamentally unique and different from the competition.

• Madison Robinson - Fashion is a huge industry and a hard one to break into. At age 15, Robinson has already made her fashion debut with Fish Flops, the only light-up sandals on the market. With more than $1.2 million in sales within the first year, Fish Flops are really taking off. Robinson's secret formula for success: offer consumers something unexpected.

• Eden Full - Knowing that solar power is the future of energy production, Eden full designed the Sun Saluter, which allows solar panels to track the movement of the sun. The sun tracking technology is already being used in solar fields across the world. Full's secret formula for success: improve technology that's already out there.

With the examples above in mind, how exactly can entrepreneurs of all ages and backgrounds come up with the right business formula?

Create an Effective Work Schedule

Growing a successful business takes time, which is why it's so important for entrepreneurs to devote as much time as possible to their new brands.

The article "A New Architectural Design Built for Young Entrepreneurs" mentions the benefits of combining life and work when it comes to increasing productivity.

Entrepreneurs need find the right balance of life and work, while giving their work schedules priority.

Although this is a difficult process, especially at the beginning, the business will ultimately benefit. Once the business finds its footing, entrepreneurs can readjust their life/work priorities.

Set Realistic Goals

It's easy to get overambitious when coming up with business goals. That's why entrepreneurs should be as realistic as possible when setting goals.

Goals are a good thing to have when building a business, but they can also be discouraging if they aren't anchored in reality.

Entrepreneurs should aim small at the beginning with sales numbers and other benchmark goals.

Once there is a track record to go by, only then can entrepreneurs set goals that are truly obtainable.

Take Advice

Many entrepreneurs, especially those who are new to the game, think they're business formula is destined for success. This is true in some cases, but in most cases it isn't.

That's why it's important for those who are new to the game to not only take advice from other successful entrepreneurs, but to put that advice to good use.

In the pursuit for a winning business formula, it's plain to see that there are a number of formulas and paths young entrepreneurs can take.